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you mean by that? and what's the context that should be in as we look to these next debt ceiling negotiations and everything else? >> well, if you look at the absolute level of debt, it is up. that hasn't changed. connell: what's our goal? >> the goal is to get below i think bernanke said 3% of gdp or something similar to that level. and again, we're high. we're very high, so i'm not coming across saying gee don't worry about it, everything is great, but that's not the point. the point is it's improving. the reason it improves connell is because tax receipts -- this is very important because tax receipts are improving. why are tax receipting improving if -- tax receipts improving because we have slow economic growth? because ben bernanke is making capital turn over. the guy printing the money keeps telling you he's going to make you take risk, and the reason he's making you take risk because it turns over capital, and when you turn over capital you have increased tax receipts. connell: up 75 on the dow right now. are we even close to a point where that kind of gravy train ends? >
ceiling -- you asked about the debt ceiling which is first up when they come back. how does the politics of the house to address the debt figure in to politics and the farm bill? >> the theory that leaders were operating under during the debate on the fiscal cliff that we just wrapped up -- if you saw a situation where you needed to find deficit reduction to offset some sort of either spending cuts or offset increase to the debt limit or be paired with an offset, the farm bill would be a good inclusion in that effort. what we heard senator stabenow say today was that a less optimistic view -- was a less optimistic view, but a more realistic view, but that is not likely to happen, given what is going on with the farm bill and given what we have learned. the house has no plans to take it up. they did not take it up at all last congress. it is too early to tell really what the plan is among the house leadership. even if chairman lucas does a farm bill, no one knows where it will go. >> as we are taping, some more news has come out on the house side about pushing for a timetable with leaders
trillion in new revenue as we near the debt ceiling. the prospect of sequester cuts obviously facing us. the export -- expiration of funding. joining us now, republican strategist and a former political director, former fox news contributor. good to have you here. he says there is not a problem with israel or his record on iran. he is a good fellow ready to do a good job. >> i was struck by the president's language in nominating him, saying that he represents bipartisanship. of course, what the president means is he is a republican agrees with me. the problem is, he has no support among republicans, and i think a lot of democrats will be troubled by some of the things as the said. he is going to have to put up the good fight for himself to when this. lou: are you surprised. the newly elected senator from the grace to the texas who is sort of out there even ahead of the other senator from texas, john corning, just running away with this nomination. >> he is a very effective guy. he beat the establishment candidate in texas. a tremendous campaigner and will be there for a long time in tex
or more romantic than the debt ceiling. we could hit the limit around valentine's day, february 14. get out the roses and chocolate or go to the poconos for a romantic get away. >> you will love penn hills in the nearby poconos. >> if you're in love ♪ neil: or you can just call chuck woolery, the former love connection host could be only guy capable of bringing both sides together, chuck, i am telling you, playing tongue in cheek. but i think that nation needs someone like you to bring them together. >> do you really think i could do it? neil: i do. how would you. >> here is the method i would use. obama goes to boehner and sings a sexy al green song -- let's get it on, boehner started to cry, and puddy in obama's hand. neil: i don't know if i want to see that. >> neil, that is the way it is from now on for 4 years, i don't know about after that, but the taxes have not really kicked in. obamacare taxes have not kicked in yet. neil: you know, you did very effectively on the show, i don't read a prompter as you know, move up here -- here we go. >> you are much smarter than i am. neil: y
will be asked again to raise the debt ceiling. most republicans will oppose that acting for definite spending cuts before more borrowing. does the president care? >> the only viable option here is congress to fulfill -- that congress fulfills its responsibility and ensures that the united states of america pays its bills as it has always paid its bills through the its history. >> bill: just shut up and pay. all right? don't be asking for anything, just pay. it's mr. obama's way or the highway. again, he could use an executive order to ignore the debt ceiling and i will not be surprised if he does. so, what we have here is not a failure to communicate as they once said in the movie cool hand lou. but a president who believes he can do what he wants to do with little accountability. he has already signed executive order changing immigration rules. that was done in the middle of the night. few even know about it if this continues there will be a constitutional crisis in america. unfortunately we the people are slow to understand what's actually happening here. there is no collaboration going non
in the gun control issue and probably in the debt ceiling issue, doesn't that smack of totalitarianism? i'm not going to go with the checks and balances that the founding fathers put into place. i'm going to sign my name and you're gonna do it. >> well, we still have checks and balances. we still have the judiciary. any executive order can be challenged in court. the truth is that the courts have generally upheld executive orders finding them perfectly consistent with the constitution. they have done it on important issues, too. president truman used executive order to desegregate the military when congress wouldn't act. we have along history of executive orders even on constitutional issues. i don't think they violate the separation of powers. >> bill: you do see that it will wind up in court and it will be a mess and particularly on the gun issue. now, how do you see it coming down? let's take the guns first. the house is not going to go along with the president's overall view. they may make a couple of minor tweaks here and there how do you think the president is going to handle it? >>
will come in that day. $52 billion in bills come due. if congress doesn't raise the debt ceiling, congress has to decide which of these bills to pay. interest on the debt we already owe, that's $30 billion. irs refunds, about $7 billion. federal salaries, difficult tut military paychecks, medicare, medicaid bills, defense vendors need to be paid. unemployment checks need to get cut. food stamp debit cards need to be refilled. deficit piles up into national debt. i'm joined by senior political columnist of the daily beast and mayaguinness. maya, should the debt ceiling be the place to argue about spending cuts? >> in the past, the debt controlling has been used responsibly, to help us push for making changes to the budget when we're on an unsustainable course. can you kind of think of it as a speed bump. we would hit the debt ceiling, be reminded we're borrowing too much. they would fight about raising it and then they would raise it. what happened last time, i think, was throwing cold water on to the system of how close we got to truly defaulting and the fact that that will lead to economi
the supreme court involved in the debt ceiling, and we will take you to the annual gathering of each and gadgets that the consumer electronics show in las vegas, including the world's first smart fork. i'm not making that up. they say it will appeal lose weight. stay with us. ♪ gerri: we are covering in like a blanket. what is the ♪ gerri: the world's biggest annual consumer electronics trade show. kicking off today in vegas. he would collect some of the year's most wacky gadgets is paul reynolds, an electronics editor for "consumer reports." good to see you. you have some pretty silly stuff there. i want to hear all about the smart for that is going to turn me into some kind of stuff person. how does that work? can you show me? >> this is a $99 gadget. and what it does, it is called the happy fork. what it does, it actually keeps track of how quickly you eat. you can program it to tell you if you are eating more quickly than you should to lose weight, for example, or if you have acid reflux, and it will program you to eat more slowly which is shown tell people reduce weight. you
'm going to tell you why i think a debt ceiling and government shutdown, bad idea. i'm going to show you a better way. the "kudlow report" begins right now. . >>> first up, amid allegations of anti-semitism and antiisrael sentiments, president obama nonetheless nominated former republican senator chuck hagel for the position of secretary of defense. that today, also reportedly soft on iranian sanctions. so is there any truth to these charges? here to discuss eliot abrams, a senior fellow at the council on foreign relations. eliot, happy new year and as always, welcome back. are these charges -- is there merit to these charges? first of all, anti-semitism. >> look, i can't read his mind. i can only go by the public record. the public record suggests he's got a problem with jews, frankly. there's reports from the members of the tiny nebraska jewish community that they never had a politician in nebraska who was so indifferent, their word, indifferent to the community. who took no interest, who was completely nonresponsive to any requests they made. there's a beginning. then you have these q
will not negotiate over increasing the debt ceiling. you say despite what the business community thinks, you may have to push it to the brink again. >> the biggest problem confronting the country is excessive spending. when will we deal with it? we have watched the government explode over the last four years. we have dealt with the revenue issue. will the president lead? why should we have to bring him to the table whe ? >> senator mitch mcconnell on nbc's "meet the press." should spending be tied to an increase on the debt limit? cited a poller' that cited 72% of respondents -- what do you think? kevin is from south carolina. from new york.eve independent. guest: i am a funny person. i am in the green party i voted conservative. i have been on disability for 38 years. iwatch all of the committee hearings on c-span. i would take the new cost of living cut and offer something to the republicans like no capital gains tax. they are always talking about growth. >> here is a facebook, and. jimmy writes -- join the conversation on facebook. look for c-span. caller: we have to cut spending. it is driving th
the power to ignore the debt ceiling. >> shannon: all right sm. democrats are pointing to a section that reads that the validity of the public debt of the united states should not be questioned. they say, based on that, they would support president obama, in raising the debt ceiling without congressional approval. joining me now to talk about that and many other thicks, former mississippi governor, republican, haley barbour. thank you for coming in. >> i hope the president doesn't try to do that. to try to take away from the congress the power that the constitution directly gives the congress. that is the power to -- to spend, the power to control the debt. i know that the treasury department has announced they are not going to do it. i hope they stick to that decision because this is -- we should never have a situation where one person-- the president -- can put our country deeper, deeper, deeper in debt. we are doing a bad job of that now. it would be really bad if it was not -- if the congress let their control go. >> shannon: you saw the white house press secretary says it is no
to 3% or 4%. >> couple of quick things. debt ceiling. government shutdown. do you believe the debt ceiling should be used as leverage? >> we have three impending moments. the debt ceiling, the continuing resolution to fund the government, and then the sequester spending cuts that have been delayed for 60 days. no one in the republican conference is talking about a default on our sovereign debt. but we do need to use these moments to address the spending explosion that we've seen in the last four years of the obama administration. >> are you saying you want to say debt ceiling, maybe set that aside and focus more on the other two? >> i'm saying the treasury has more than enough tax receipts every month to pay the interest on our sovereign debt. so there's nobody but barack obama who's talking about a default on our sovereign debt. we can prioritize payments on a monthly basis to ensure there's no default. then we can have the hard negotiations necessary to get spending back under control. >> you are saying, hey, don't raise the debt ceiling. make treasury -- >> unless there's real s
when we hit the debt ceiling right. >> the debt ceiling coming up. debt ceiling in fiscal cliff has now become 2013 issues. but us talk about another winner. this of facebook shares rally above $30 a share. we are on our way up it is a winner for facebook. >> the ipo had people screaming like a scalded champ. it is up 10% this year so it's a matter of when did you buy it. after announcing a mystery press conference for tuesday next tuesday the 15th. i looked at their peak about 160. that is pretty expensive. they got something. they have this do it hasn't called yet. >> maybe it could be a retail announcement that they have. maybe it will be a fall, streaming, or games. a lot of people are expecting that will show off their new building. >> i think it will be a new hoodie. >> let us talk about a loser bridge piers is leading the x factor after one season. she met a lot of money after one season. >> if she did you hear what is it? >> no. >> she said i quick y'all. >> to the new paula abdul is she? beating she is working on an album with will iam. >> $15 million per season. i quick y'all.
is negotiated on the debt ceiling before. >> the republicans called him transgent and arrogant. last time around. there is bad feelings there. >> bret: democrats may say it's a badge of honor. >> yeah. people like me say no. this is one, i think everybody is expecting this choice. i don't think it will have trouble going through. the hearings are what is important here. getting concessions from the nominees, to show where the administration wants to go moving forward. how they are going to be carried out. >> despite hagel you both suggest could be a bumpy ride and close vote. you both suggest that all the nominees will likely get votes necessary to get through. but there is a broader policy discussion that happens in these hearings. >> look, every administration when they go through the process of nominees in the first or the second term, you are in essence paying for it. >> you are able to extract concession. you spend time on it. the more time you spend on the nomination the less time you spend on other things. they require the administration to create quick policy. this is the first time that
out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it, but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are owed. but what happens with social security, medicare and federal employee pay, is less clear. so secretary lew would have to make a decision. he could r
to have to deal with for secretary of defense. we have the budget, we have the debt ceiling looming. we have the legislation that's basically funding the government in the be absence of a budget. we have all of these things that are coming up. the government shutdown clock is already running and all of this stuff is going on. jamming firearms legislation, anything that addresses gun control, which remains restrictions on guns remain politically unpopular, people are-- feel good about restricting access for the mentally ill, america remains mostly, and it remains daunting. >> megyn: initially we were told they were looking at everything. am some people are looking at things other than gun control. secretary sebelius of the health and human services department will have meetings with mental health and disability advocates, or at least a meeting. the education secretary arne duncan is going to meet with parent and teacher groups, but the vice-president is devoting his time to the gun issue and i guess secondarily to the video game and movie issue. now, i mean, is this going to be a gun --
refusing to negotiate with republicans on the national debt ceiling. the republicans led by speaker boehner are determined to take up debt and spending once again. this time he says the american people are on his si. the speaker today in the republican caucus meeting behind closed doors. bigger banner making it clear that the president's refusal to negotiate will not deter him or his party and the speaker said that the esident said that he isn't going to have a debate with us over the debt ceiling. he also says that he's not going to cut spending along with a debt limit hike. fiscal cliff behind us on the focus turns to spending. speaker boehner cited a new poll, showing 72% of americans agree with him. but any increase in the debt limit must be accompanied by an equal amount in spending cuts. senator john cornyn saying that if the president inten the president intends to carry through with his no negotiation threat, but a government shutdown may be the only way to find resolution. the new senate majority leader saying that it may be necessary to partially shut down the government in order
congress. the debt ceiling and this week people are getting paychecks for the first time. >> people will be surprised the president said if you make less than $250,000 you will not pay one dime. they are paying a lot of times. making $50,000 will be on the hook of additional $1,600. you don't have that to give the government so they can waste it to borrow more money. it will hit people hard. ha and then add the obamacare tax and the economy will be in a world of hurt. gerri: maybe there is a tax revolution. people may make calls to congress. who knows? >> i do think there will be a revolt fropeople who voted for obama that would only hit the nasty rich people. but it will hit them. in and they lose their jobs because the rich guy cannot keep people on the payroll is pay the government or keep the employee. he makes the decision about the employee but not the taxes or he goes to jail. gerri: we had jobs numbers today. 155,000 jobs were created. that is so unimpressive. if we don't create 240,000 jobs we cannot keep up with the number being born and the workplace. so many people have
, if you think a $1 trillion coin is the only far-fetched way of getting ash the debt ceiling, you understand estimate the creativity of the american progressives. and brett ehrlich was actually a film critic we're going to run down his oscar favors. it's a friday night n "the war room," and we will be right back. ♪ [ voice of dennis ] allstate. with accident forgiveness, they guarantee your rates won't go up just because of an accident. smart kid. [ voice of dennis ] indeed. are you in good hands? >> i think it's brilliant. (vo) first, news and analysis with a washington perspective from an emmy winning insider. >> i know this stuff, and i love it. (vo) followed by humor and politics with a west coast edge. bill press and stephanie miller. >> what a way to start the day. ♪ >> jennifer: the national rifle association claims that 100,000 people have joined the nra since the nowtown school shooting. of course we don't know how many people dropped their membership following the tragedy and the nra's con trover shall comments afterwards. but 400,000 people joined mayo
deadlines over deficits, spending, debt ceiling, sequestration, and a continuing resolution to keep the government running. we also faced other domestic and international uncertainties that have the potential to drive down competence -- confidence and discourage job creation from a regulatory flood here at home to economic problems in europe and japan, to geopolitical conflicts that could erupt into war at any time. we must also be concerned about america's capacity for leadership and action, and not only in government. in this country, and this is a country that can still get big things done, do we have the leaders with the courage to put the country first ahead of their own careers, politics, ideologies and egos? can we find leaders in government who truly appreciate the role that the private sector can and must play in building a new american prosperity? the inherited of economic growth should not be an afterthought. it should be job one. economic growth must be front and center here in washington, just as it is in many state capitals across the nation, led by innovative governor
shutdown and debt ceiling and all of that, so why bother? >> first of all about the debt ceiling this is really important. if we have reached the debt ceiling what that means, bill, is we can't borrow any more money. none the less the tax receipts under the tax laws we now have would continue to it bring in about 60% of the money needed to fund the government. which means that you -- that about 40% of the money would not be there you would have to find a way to shut down 40% of the government so you wouldn't have a way to finance it. that leaves plenty of money by the way, 60% to cover any payments on the national debt. they are only 6 or 7% of spending. when you talk about defaulting on our debt, it's a total red herring. >> bill: but, what happens is that moodies and other financial institutions that grade america's investment capability and whether people should invest here will downgrade like we saw last year. so, i don't understand why president obama, if he knows what you just said and what i know that the republicans are never going to go for another tax increase. why both
's white house briefing with chick party who talked about the debt ceiling. he did not confirm news reports nomination for treasury secretary. earlier today from the white house. >> good afternoon, ladies and gentlemen. thank you for being here. i have an important personnel announcement to make. i am kidding. i will go to the ap. >> it has been widely reported that jack lew was the president's choice for commerce secretary. -- treasury secretary. [inaudible] >> let me say two things. i do not make cabinet level presences. the president does. i will not get ahead of the president. when he is ready to make an announcement about his next treasury secretary, he will make an announcement. secondly i would say jack lew has been and continues to be an extremely valuable adviser to the president. over the quarter of a century he has been an integral part of some of the most important budgetary, financial and fiscal agreements in washington. he was there when social security was reformed, he was there when tax reform passed at the table. in the 1980's. he was the cabinet level director of omb for p
area. tonight, her advice for president obama as the debt ceiling looms overhead. >>> a and the rain has moved on but now clearing skies leading to chilly temperatures around the bay area right now. already down to 34 degrees. the thing that will slow your morning commute, likely to be fog down to a quarter mile in spots. coming up in a forecast, both warm and cold for the bay area. the details coming up when we come right back. >>> another budget battle is shaping up in washington. this one over rizing the debt ceiling. republicans will not agree on taking on more debt without cuts on medicare, medicaid, and other social services. >> i think tax reform ought to be revenue neutral as it was back in the reagan years. we resolved that issue. with don't have this problem because we tax too little. we have it because we spend way, way too much. we settle the tax issue. the question is now can we address the single biggest threat to america's future. that's our excessive spending. >> some say this stand-up could be worse than the fiscal cliff fight. house minority leader nancy pelosi says
. according to fresh numbers, the u.s. could hit the debt ceiling by early as mid february. john harwood explains all the details, a couple of reasons to go and visit that website this morning. >>> still to come, why property is up at samsung electronics, but the share price is down. see you in a moment. >>> welcome back. alcoa gets the earnings reports started today. slower growth in the economy, the eu debt crisis and superstorm sandy are expected to top issues. take a look at shares this morning. before the report, they're down .75% in frankfurt. so trailing the 34k9. they have been roughly flat over the last few months. james is a huge fan of werings season. you're so excited about this one, i know. >> i live for the wering hes season. you could spend almost your entire time -- >> there's only about three months of the year when you're not engaged in looking at earnings. >> ask you're probably on holiday. >> and are we too focused on werings season? >> samsung, earnings results up, share price down. if you think earnings is relative for share price performance, it isn't. we
. >> the issue right now and the conversation has been the debt ceiling, which we are about to smack up against. the doom and gloom reporter every morning about the debt ceiling. so spending and debt ceiling to a large degree, while they are connected, they are different conversations. debt ceiling, we have spent that money. that a difficult from verizon that has come due you have to pay. >> you are borrowing more money to spend in the future. we are borrowing money to pay off past debts. no. if we weren't doing more deficit spending, we wouldn't have to borrow more money. the debt ceiling, last one could you say, the debate was messy. we didn't get a downgrade because the results of that debate didn't solve the problem. president obama, after he got his tax increase, the tax part of his balanced approach, when he came out and said, okay, now, the debt ceiling is off the table, not going to negotiate it -- >> because it's spent, right? $16 trillion national debt. that's money that has been committed by congress. it's been committed by the very people who will fight over whether we should pay th
about the debt ceiling. does this threaten what's happening with the stock market? > > if it does, it threatens it for very short periods of time, and then we get buyers who come in and buy those breaks or those drops in the market. the fiscal cliff was a good indication of that. markets, while they took hits, those hits got bought very quickly, and i think you'll see the same thing happen now. > and slowly but surely the euro is heading higher. why is that larry? > > we saw at the euro drop so much, and obviously europe was dealing with so many problems, things don't - markets expecially - don't move forever, and i think this is just a recovery. had a whole lot of people short, and some of those shorts are starting to pop out. and the higher the market goes, the more shorts will come out of it. > good to have you on the show. that's larry levin of trading advantage. > > thank you. in our cover story, bank deals here and across the pond. bank of america is among ten banks that reached agreements with federal regulators over foreclosure abuses. the settlement includes billions of c
what does he think about the gun control debate, the debt ceiling. what does he think about the republican party, the democratic party? does he intend on running in 2016? all of that plus his thoughts on the miss alabama controversy and bill maher. look, if you have copd like me, you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. other side effects include dr
and he said that he's not going to allow the debt ceiling debate to be died to spending cuts which we desperately needs. he obviously -- he wants a fight. what do you make of the strategy that he's employed. >> i think what's happened to him is he feels that by winning a second term, with a slight addition of democrats in the house and the senate he now is, you know, king of the the world to quote an oscar winner of bygone days. and you noticed in these lists, look at the list of the major appointees, starting with brennan and hagel and these are nobody of independent stature. it's not like the first term where he had a clinton, where he had a gates, where he had people who could be a team of rivals. this is a team of essential, you know, fact totems. he wants to rule and he wants to govern and he will not let anybody stand in his way and i think that's what he's saying and he will take on any fight in order to get his people. he's announcing he wants to govern alone. >> sean: will they get confirmed? >> all of them, yes. i think in the case of hagel, i say the odds he gets a yes vote
. the president is looking not to negotiate own the debt ceiling. >> the only option is for the congress to pass. no substitute for congressional action and see the republicans in the house are saying we're only going to increase the debt limit if indecembering the debt ceiling is met dollar or dollar for cuts. there doesn't appear to be away around it and there's more stalemate. >> george stephanopoulos, thanks for your reporting. two powerhouse roundtables, "this week" coming up later right here on abc. george, thanks again. >>> the golden globes are tonight and awards have been considered a good indicator for the oscars but a controversy is brewing over one of the top contenders, "zero dark thirty," the director was snubbed and legendary actors are telling members not to cast ballots for it because of graphic scenes involving torture. abc's john muller is here with more. >> good morning, bllg. there is no doubt "zero dark thirty" is the most controversial film of award season. now, opponents say glorifies the torture of terror suspects and some sources are claiming that got major celebrity ba
debt ceiling deadline, more republicans come out in support of a government shutdown. the gop's misinformation campaign continues. john nichols joins me with that discussion. >>> and later, the white house has a tough road ahead on gun control. now the administration is getting pushed back from some democrats. i'll talk with val demings, former chief of police in orlando, florida. stay tuned. [ female announcer ] going to sleep may be easy, but when you wake up in the middle of the night it can be frustrating. it's hard to turn off and go back to sleep. intermezzo is the first and only prescription sleep aid approved for use as needed in the middle of the night when you can't get back to sleep. it's an effective sleep medicine you don't take before bedtime. take it in bed only when you need it and have at least four hours left for sleep. do not take intermezzo if you have had an allergic reaction to drugs containing zolpidem, such as ambien. allergic reactions such as shortness of breath or swelling of your tongue or throat may occur and may be fatal. intermezzo should not be
the debt ceiling limitations and incur debt. the fact you've got nancy pelosi and other democrats saying this is the way we go with, we have to, showing this is a lot of threats and ignoring constitutional reality of separation of power. from e yek tiff branch. >> saying this is a post constitutional america. this is now, taking executive power to a degree that nobody is taking before without respect to precedent. let's go to the videotape and words of warner wolf, let's listen to your friend president obama on the issue of executive privilege and orders in 2007. >> i think that the issue of executive power and executive privilege is one that is subject to abuse. and... in an obama presidency what you will see will be a sufficient respect fr law and co-equal branches of government. i hope we don't find ourselves in a situation for things being subpoenaed for what everybody acknowledges is trouble information out there. >> sean: if the president can't get an appointment he wants, then, the senate is still in session and he makes a recess appointment nobody has done that before. >> that is
to raise the debt ceiling and only today did the white house spokesman jay carney seem to back off that unconstitutional idea, but with this group, who knows? obama is increasingly relying on executive orders to bypass congressional authority, now, this is what he refers to as the, we can't wait initiative or as i call it get the republicans the hell out of the way initiative. he's been using this for infrastructure projects and policies, and made several recess appointments while the senate was officially still in session. no president has attempted that power grab and halted deportation of illegal immigrants and adoptions of the dream act though he failed to pass it through congress and unilaterally changed welfare requirements without submitting them to congress for review. even the office said he should have consulted congress in that case. what you're witnessing is an out of control, arrogant, unconstitutional power grab. here to talk about the legality of all this have and discussion what options the president may be weighing, especially when it comes to the seconds amendment
is not going to be repeated when it comes to raising the debt ceiling. others may not be on board with that. republican matt salmon of arizona had this to say. >> i was here in the government shutdown of '95. it was a divided government, democratic president of the united states and a republican congress. i believe that that government shutdown actually gave us the impetus, as we went forward, to push toward some real serious compromise. i think it drove bill clinton in a different direction, a very bipartisan direction. >> joining me now, l.z. granderson and will cain, both cnn contributors. good morning, guys. >> good morning. happy new year. >> happy new year. i'm so glad to be back. i've been on vacation, and i feel like i'm talking about the same stuff, which i am. i wanted just to lay out the idea of a government shutdown for people who can't remember as as far back as 1995 because it had the following effects. it cost taxpayers about $800 million. new social security claims were not processed. medicare recipients were delayed, their applications, that is. the cdc, the centers for dis
with you. the president will go around congress. if he can't get a debt ceiling, raise the debt ceiling i think he will invoke the fourteenth amendment which says the debt must be paid, he will go around congress, invoke the fourteenth amendment and say keep on spending, keep on borrowing. >> he may very well do that but that is because the republicans refuse to define the issue. instead they are defending the issue. when the conservatives or the republicans are not defining they are losing. the republicans have a chance to take the cbo numbers and define the issue and put it back on barack obama. if they do not do that then barack obama wins the day and america loses. stuart: that is exactly what is going to happen. i am sorry we are out of time. thanks for joining us and i am sure you will be waiting eagerly for governor brown's budget to be released later today. >> thank you for that. stuart: mike reagan, thanks very much. stock early on entitlements. my take on food stamps and children is next. >> announcer: you never know when, but thieves can steal your identity and turn your life u
talked about it before about the word "default" tossed around when talking about the debt ceilin ceiling. why do you think that the word is being kind of loosely used in this framework? >> default traditionally understood means failure to make payment on your debt. on your national debt. those payments account for 6% of the federal spending. tax receipt which would continue after a breach of the debt ceiling account for 60%. so they would overwhelmingly be plenty of money to make payment on the national debt. you will hear default on our obligations. that is a loose and slippery term which means that the government wouldn't be able to finance all of the spending. it would be a bad outcome. it would not be traditional understood. >> bret: the government would have to close things? >> significant piece of the government. program would shut down and people would be furloughed and so on. not default on the national debt. >> bret: important distinction. brit, thank you. >> you bet. >> bret: defense secretary leon panetta says he has directed the military to begin taking prudent steps to offse
platinum if republicans hold america hostage with the debt ceiling. the president can legally call on the treasury department to mint a trillion dollar platinum coin to pay off the country's debts. the coin must be platinum. kit be any size, and it can be assigned a trillion denomination. this is kind of a crazy option, but then again republicans holding america hostage over the debt court of appealing is even crazier. some economists think the platinum coin could send the economy into a tailspin, but others think it's a great idea. pulitzer prize winning economist paul krugman said president obama should absolutely mint the coin if republicans try to force america into default. klugman also said that john boehner's face should bonn the coin because without him, the coin wouldn't be needed. meanwhile, republicans have been lying to americans on the debt ceiling for weeks, and now the fox news misinformation machine in high gear, hitting the platinum coin issue. neil cavuto put up this misleading graphic during his show on thursday. it claimed the coin would weigh 17,000 tons, about
hostage over the debt ceiling. we'll bring you the details. stay with us. >>> and of course, we love hearing from our viewers on our twitter and our facebook page. many of you are responding to my interview last night with bill >>> and of course, we love hearing from our viewers on our twitter and our facebook page. many of you are responding to my interview last night with bill mcgee, a parent who opposes arming teachers in his children's school. on facebook, peggy clay bring wries if having armed teachers in school is such a good idea, why hide it from the parents? arnold suggests if we are going to arm teachers, send them to west point instead of normal colleges. then we will have qualified vigilantes. and elaine violet, a staunch supporter of the second amendment says guns in school is asking for a disaster. everyone needs to calm down and be rational. good god, has everyone lost it? keep sharing your thoughts with us and like us on facebook and on twitter using the hash tag edshow. >>> still to come, protecting athletes from brain injuries. i'll talk to chris nowinski about cte
debates and votes you're talking have to do with fiscal issues taking place, whether it's debt ceiling, whether it's government spending and things like that. are you willing to see cuts in government spending? are you willing to see reforms in medicare and social security that deal with parts of this debt problem the country has? >> well, i'll tell you. i've always been an advocate for responsible spending. i think government needs to be delivering services for people in a cost effective way. and now we have not only an opportunity, but an obligation to do that. find ways to spend smarter. that's what i stood for in the state legislature, drill down into budgets, find ways to more effectively deliver for people. so that is absolutely what i'm committed to doing. you know, in my position, in addition to working on the task force on gun violence in the house, i'm also on transportation and infrastructure. and science. and those are two great persons to look for how we lay the foundation for economic growth, for jobs in our communities. and that is going to have to be key part of this ba
of budget battles when congress would be asked to increase debt ceiling. >> congress can limit the debt. and should not allow the e a budget plan from the white house. and the democratic senate. >> but they would prefer congress sort out this. >> this is not a deal that the white house is going to have. >> that will continue. >> mike emanuel live on the north lawn. thank you. >>> european union warns of new divide in continent between rich and poor. the unemployment numbers peak and the social welfare systems spray. amy kellogg has disturbing job news from london tonight. >> the euro zone unemployment average reached all-time high of 11.8%. up from 11.7 in october. in country like italy, the situation is particularly dire. youth unemployment registered to 37%. >> here they are lined up with jobs accusation center. >> i don't have any trust in my country. absolutely not. no way out. we have our backs against the wall. either you leigh, if you stay here you are condemned. >> some blame the austerity measures that led to violence across the continent for aggravating the employment situatio
and everyone is looking at the u.s. saying how will the u.s. cope with the next thing which is the debt ceiling in the revolution, in my view, is on our hand but eeve got to get it volumed of. otherwise, we will continue to destroy confidence. >> what's your expectation for tween in the u.s., klaus? >> given the washington dysfunction. the washington dysfunction will hopefully come to more common sense, and i hope churchill is right this, that we try out everything before we find the right thing. won't be good that we found it now, sooner rather than later, because the whole debate has been going on for too long. when you look at end market, some of the things we see in the u.s. are pretty encouraging. aerospace, a very important stli for us as well as for the u.s. i mean, it's going strong. continuinging to strong. airbus needing more than eight years continues. automatic. great last year and we see this year could be another good year and a lot of people are talking about build rates, car values going to 2007 level and after four years of total nothingness in this market. building in construc
, in the context of that dialogue and the need to raise the debt ceiling and the focus now on spending cuts, it will be interesting over the next few weeks to see were corporate tax reform falls out on that conversation. >> i made my way over here. >> david. can you tell us what is your top legislative priority this year? >> we have a lot of priorities. as i mentioned in the earlier comments, the first one is to encourage government and policymakers to do no harm. if we look at the game changing opportunities occurring in the energy area, it is truly revolutionary. so our first council of look to our priority is to say don't do anything that would discourage that investment and economic activity. so when we look at priorities, we first look at issues like regulatory regimes. we look to the congress and say, what else can we do to open up other areas for access? we're not talking about national parks. we're not talking about sensitive areas. we're talking about areas that have potential for vast oil and natural gas development. where the industry would be prepared to invest billions of dolla
pretty much stated the republican position today. >> if you raise the debt ceiling by a dollar you should cut spending by a dollar that is the way to go forward. >> president obama insists he will not compromise raising the debt ceiling and said any future efforts to reduce the deficit must include a combination of higher revenues and spending cuts. joining me to talk about it jake sherman. senior editor for the new republic. noam wrote a book called "the escape artist." the president has declared that he will not negotiate over whether to raise the debt limit. why don't you believe him? >> well, i don't believe him for sort of practical reasons and partly for the history of his negotiating style. the practical reason is we have a couple of things coming up that he is clearly going to negotiate over, one of which is the sequester, the automatic spending cuts that they delayed for two months when they did the fiscal cliff deal. that is going to expire late february and early march. it is hard for them to say we are going to negotiate but don't call it a debt ceiling negotiation. we'll just
proposal is a political statement but there's no way that become a legislative reality. chris: debt ceiling coming up very fast next couple of weeks. how bad is it going to get? >> i think it can be very bad. both sides have positions that are -- genuinely playing chicken and both are prepared to crash the car. i think if anything this is more stark than the crisis that we had. chris: who gets blamed? by the american people when we see the government stop and our credit rating get bounced down again? >> republicans would and they know that. chris: they win. >> they're afraid of a debt ceiling confrontation or actually defaulting on the debt. they don't want to be blamed for that. >> the tea party people are not here to legislate. they're here to de'mon strailt. -- to demonstrate. they didn't get to do it on the fiscal cliff in the end. they want to do it to something and go over the edge. and this will take them over the edge and they will lose politically and the president is going to have to scramble to shut things down. and credit ratings will be affected. chris: when is the public going
, busting through the debt ceiling would be time. it is time to admit that america is a bit of a ludicrous banana republic. this is really bad options of managing our affairs. that is a grim conclusion, by the way, that means bond prices will go up, not as much as in default. but it is a grim conclusion that fits the evidence. of course, there is another option, republicans could just do what the congress of the united states is supposed to do. they could pay the bills it has racked up. and if it wants to pay fewer bills in the future and spend less money it can cut spending or raise taxes, which it writes the next budget. you know, the time you're supposed to do that. you know the way we have been doing it of the nation's history before john boehner and the republicans took over the house, during the entire rest of the nation's history when we never came close to purposely faulting on our deletes when we weren't a ludicrous banana republic? the last word for tonight. the ed show is up next. >> good evening and welcome to new york. the republicans are whining about the president's choice f
earning more than $1.3 million a year to pay 75% tax. >>> a debate over the debt ceiling is heating up. >> people say i'm not going to pay my bills unless you stop buying stuff. well, stop buying stuff so you don't have a future bill. >> the fight on capitol hill over spending cuts. >> and the new legislation aimed at preventing mass shootings. >> and a massive brawl at a louisiana mall. ♪ [ female announcer ] no more paper coupons. no more paper lists. [ dog barking ] ♪ no more paper anything. safeway presents just for u. ♪ save more. save easier. saving more, starts now. just for u on the safeway app. . >>> the so-called flash mob in louisiana this weekend ended in a millionee and emptied an entire shopping mall in baton rouge. according to witnesses about 200 young people gathered in the mall's food court and apparently answering a notice on a social website. a fight broke out and people started to run and jam exits. there were reports of arrests, but no reports of serious injury or damage. >>> president obama faces a full agenda as he returns from vacation. the president
hostage over the debt ceiling. we'll bring you the details. stay with us. if there was a pill to help protect your eye health as you age... would you take it? well, there is. [ male announcer ] it's called ocuvite. a vitamin totally dedicated to your eyes, from the eye care experts at bausch + lomb. as you age, eyes can lose vital nutrients. ocuvite helps replenish key eye nutrients. ocuvite has a unique formula not found in your multivitamin to help protect your eye health. now that's a pill worth taking. [ male announcer ] ocuvite. help protect your eye health. >>> and of course, we love hearing from our viewers on our twitter and our facebook page. many of you are responding to my interview last night with bill mcgee, a parent who opposes arming teachers in his children's school. on facebook, peggy clay bring wries if having armed teachers in school is such a good idea, why hide it from the parents? arnold suggests if we are going to arm teachers, send them to west point instead of normal colleges. then we will have qualified vigilantes. and elaine violet, a staunch supporter of th
. >> saying hello to scott. that's good. >> so in terms of the challenges, we've got the debt ceiling debate coming. i guess my question is are we going to be able to get in this market at better levels? do i want to wait and take to the sidelines and wait for a nice decline to actually buy because it definitely does feel like this market wants to go up. do i want to go in now or wait for a selloff? >> when the market pulls back a little bit, politicians are committed to provide volatility and uncertainty in this market. europe, experts at it and americans are learning pretty quickly in washington so as we move into the policy turmoil opportunities you'll get a chance to get in from a valuation perspective, but longer term as americans, this is the first time we've ever had a dialogue about how to actually create a fiscally stable country so we'll get better at this as it goes. if i want to be modestly bullish it's great that we're having this debate because 10, 15, 20 years from now we'll look at a more stable financial situation. >> that being said, i think the market if it pulls back, i d
happened with the debt ceiling. there we go, piqu why. hopefully we've sorted you out. i want to get your view on the nikkei up at fresh five-year highs as we go into the new year. we have to get into discussions about the debt ceiling. >> well, i think the debt ceiling will cause some enhanced volatility from the february the 10th to march the 1st. we're likely to get a midnight solution on february the 28th. but the point is that i think the most difficult aspect of the negotiations was the issue of a tax increase. the republicans hadn't vote -- no republican congressman had voted for a tax increase in three years. 85 house of representatives members and the majority of the republican senators bothed in favor. so i would say that this suggests that the -- on fiscal issues is now a thing of the past. i mean, it's saying something quite strong, but i think we are much more likely to get a reasonable solution on march the 1st than seems likely until the middle of january the 1st this year. we're likely to get that solution. there will be a period of volatility for about 20 days in february
that need to get done? things like the debt ceiling? >> well, i don't think we could afford to let it get in the way of debt ceiling. we only have two or three months to get that done. that fight is getting frankly much more difficult than the fiscal cliff was. we have the debt limit which the president quite rightly has said he won't engage on that. we can't hold that kind of a revolver to the economy that way. but, nonetheless, the gop can shut down the government if it chooses. we have the sequester. so we have to deal with those issues. >> is that where we're headed? because there's been at least one suggestion by one republican that maybe a government shutdown is just what we need. >> well, i don't know. it didn't work out so well for the gop in 1994. i don't think it's the right thing. i would hope instead of looking forward to government shutdown we would be looking forward to finding a new way to work together in this new year. that's really what the american people are asking for. it's not too much to ask. but it will be interesting. i think that chuck hagel is going to be a chal
on the horizon, of course, is this debt ceiling debate that's going to start, it's already started and that's coming up very soon. and that may be another fiscal cliff, cliff hanger as we approach that magical date. and who knows what the market's going to do when we run up for that date, that time line. nonetheless, the market is opening up now, this wednesday morning and again we're expecting a small gain and the opening trend will be slightly higher for the dow industrials, there you have it slightly higher. first, we heard it. the first that we heard was that a phone for the chinese markets, we reported that yesterday. it will be a new iphone, a cheaper iphone, give to the chinese market. we opened up the show with that news and our partners at the wall street journal reporting the very same story that apple is working on a lens expensive iphone. nicole, is this having any impact on the stock at all. i'm not sure which way-- >> slightly to the down side. no big lose yet. a lot of this news a lot of times comes out and it's all about the dollars and cents. what will be their margin, how
ceiling. if congress does nothing to increase the debt ceiling by then, we could be looking at a government default. even if it is not a default on our debt and the treasury says they will prioritize interest on payments, we're still looking at at a default under government obligation. that means the treasury and the government would have the ability to go out and spend money and the treasure would not have the checks to pay. that could include dod civilian, uniform civilians, on tractors -- contractors. they would expect a check and it would not show up. that would be true for the non- defense parts of the budget as well. doctors expecting a reimbursement. that is if we go into a default situation. that is a major threat to our economy. i argue that it is a threat to our national defense. every major war the united states has fought has been financed in part through borrowing. by going into a default and not being able to pay our obligations for the first time in history, we will put at risk the full faith and credit of the united states government. the treasury has said th
to have a debate with us over the debt ceiling. he also says that he's not going to cut spending along with a debt limit hike. fiscal cliff behind us on the focus turns to spending. speaker ehr cited a new poll, showing 72% of americans agree with him. but any increase in the de limit must be accompanied by an equal amnt in spending cuts. senator john cornyn saying that if the president intends the president intends to carry through with his no negotiation threat, but a government shutdown may be the only way to find resolution. the new senate majority leader is saying that it may be necessary to partially shut down the government in order to secure the fiscal well-being of our country. the looming deadline for action has been obvious. and in every instance the white house has purposely blow up the process in a shameless attempt to score cheap political points. "the washington post" reported the top ally in the senate may not be fully on board with his approach. his imperious stance, if you will. senator harry reid repordly warned mr. obama is refusa to negotiate on the debt limit and
'm doing the show in a hazmat suit so i don't get sick from bill. we are approaching the debt ceiling. do you think that congress can actually work together to get something done or is there another idea to avoided debt default? we're joined by "huffington post" reporter jennifer bendery. good morning. how are you? >> good morning. i'm good. >> peter: thanks for getting up and doing this with us. >> sure, sure, anything for bill. >> peter: for those who don't know, what the hell is the trillion dollar coin? what's this idea being floated around because when i first read it, i thought it was a joke. it turns out it's not. >> i thought the same thing. i thought it was a joke. it is kind of a joke but it turns out it has legal standing. the idea is pretty simple. essentially, if we -- if congress is unable to come up with a way to avoided hitting the debt ceiling, the idea is that basically we could mint a trillion dollar coin and give it to treasury and they could tuesday to pay off our -- to cover our debt obligations and then we wouldn't need to worry about the debt ceiling anymore. it so
item on the agenda. the debt ceiling and spending. we hope, now that the president is back do we know what his strategy is? >> he was victor in the elections and he intends to use that political capital and his campaign style success to get his message across. for example, we hit the nations 16 hadn't $4 trillion debt limit last week. that is the nation's credit card limit to pay for spending. the president is making the case publicly he wants congress to raise that limit without a fight. >> one thing i will not compromise over whether or not congress should pay the tab for a bill they already racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences could be catastrophic. our entire economy could suffer for it. our family and businesses can't afford that dangerous game again. >> molly: congress has two months to fix the debt ceiling problem before the u.s. may have to default on its bills. >> jamie: what kind of reaction did we hear from republicans? >> molly: republicans agreed for the push for higher taxes during the fiscal clif
in medicare, medicaid and other government programs. >> i believe we need to raise the debt ceiling, if we don't raise it without a plan to get out of debt, all of us should be fired. >> special treatments under the tax code which ought to be looked at carefully. >> tweaks to the tax code could save money. president obama says he's willing to consider spending cuts separately, but will not bargain over the government's bargaining authorities. >>> so syria now, where the president outlined a road map for peace today, as fighting in the country continued. the u.n. says more than 60,000 people have been killed since the crisis began march 2011. stephanie gosk has more. >> syrian president bashar al assad addressed his country for the first time since june. he's very rarely seen in public. he was greeted by a packed and boifterrous oust tore yum. he blamed the crisis in syria on terrorists, including al qaeda and the countries that continue to fund them. there was little to no mention of the syrians themselves and have picked up arms against the government. assad also proposed a new political init
? >> no question. >> bill: probably not. >> debt ceiling. bait coming up. bad thing about this bieber thing is lots of kids. >> that's true. >> bill: they look up to him. it's like jerry matters in the 1960's if he was shooting heroin with wally and beeb. he was beeb. we don't want justin bieber. you have a responsibility to the kids, justin, they buy yourself. don't be using drugs in public. is that reasonable? am i reasonable here. >> completely for a change absolutely. your nails look great by the way. >> bill: this nail fetish you have mcguirk, this is starting to disturb me. in a moment, factor tip of the day. why, why is this baby dancing? the tip 60 seconds away. >> factor tip of the day. should babies dance, in a moment. first some male, champaign, illinois, your talking points summed up the current status of the country. the president is accumulating more power and people are the not paying attention. >> and michael stapleton, min ams. -- minneapolis. and why don't you tell two wars and tax cuts run up the 16 trillion dollar web make, get off the websites, maybe that would be a good thing
of in budget fight and we will see this as a protracted battle on the debt ceiling, on the sequester and continuing resolution. we will see this over and over again over the next six to nine months. >> neil: one of the things i love about not only your reporting but your akron is you cut to the core of the problem. and you explain to me, maybe i was a dope after the fact, i realize reading your account of this, that is why we are not getting anything done because they just don't think we have to. >> and let me relate one other thing that i found was really fascinating -- >> neil: that the president watches me all the time? i already know. but go ahead. >> we have the whole fiscal cliff debate. there were two fiscal cliffs. the tax cliff and then the spending cuts and sequester cuts hand is fascinating with the discussions is speaker boehner told me it wasn't until the second-to-last day after five weeks that the president even brought up the issue the sequester because president obama who created the sequester remember during the debt limit when they couldn't reach a resolution on th
will be an in-your-face term. i won't talk to you about the debt ceiling and the secretary of defense will get a lot of bipartisan concern. >> we have live pictures of air force one landing here at andrews air force base. the obama family is returning to washington. mrs. obama and the girls have been in hawaii a couple of weeks. the president's gone back and forth between d.c. and hawaii because of the fiscal cliff battle. you heard senator graham talking about chuck hagel, what appears to be the nominee for defense secretary. congress has two months to fix the debt ceiling before the u.s. may have to default on its bills. so the president comes back from a nice vacation in hawaii, he comes back to big issues that they have to tackle. sequestration, the debt ceiling, spenning. he is enjoying his last few minutes here on the plane, taxiing and he will head back to the white house with his family. >> jamie: molly, thank you. >> can washington come up with a plan to raise the debt limit without burying the count country in more debt? we have a former spokesperson for former governor jeb bush. hap
and everything from the debt ceiling to gun control. for starters, vice-president biden saying today the president may impose gun control with an executive order. former speaker of the house, newt gingrich joins us, nice to see you, sir. >> good to be with you. i have to say, you have the most amazing program tonight that i can remember. >> greta: it's quite vast and varied let's say. >> remarkable. >> greta: don't want to miss any of it. and don't want to miss you either. tell me, the vice-president says the president may use an executive order for -- to impose gun control. your thoughts? >> well, the president can try to do almost anything if he wants to. the question is will he get away with it? the two natural stands are first, somebody will file a lawsuit, saying that it's illegal, and unconstitutional. but second, the house republicans have an opportunity when the continuing resolution comes up at the end of the march, to simply zero out the authority, to say no money shall be spent. now, that's so clear under our constitution, and goes all the way back to the magna carta, a co
to come out? you'll have the debt ceiling. until and unless that becomes a grand solution, a longer term solution where they seem like they're working together, it's very difficult to look at longs abdomen being a quarter or a half proposition. >> also looking at more volatility on the debt ceiling or, what did we just experience with the fiscal cliff? >> i know, i think it's going to be more from a price perspective. but i don't actually expect the vix to spike. the strange thing about the vix is you have to get the long positions and the options to push that up. i think this is expected volatility. i think it's going to be more of a lack of volume volatility. it's going to be one of those things where people don't want to take positions coming into that. january, i think, is going to finish positive. >> bob, thanks for joining thus morning. >> thank you. >> thank you. >>> coming up, we'll have more of the story that have us plucking this morning. plus, a new way for you to rise and is shine in the morning. plus, wake-up calls. we'll have the details when squawk comes back. some day, yo
is happening. greg palkot, thank you jenna: the bipartisan center says we'll hit our debt ceiling much sooner than we thought. our national debt is surging past the $16 trillion debt limit and the treasury department says special accounting moves, special accounting moves can keep the government running until sometime in march but that may no longer be the case. charles payne from the fox business network. charles, when you hear special accounting moves you wonder what does that mean exactly? >> well the treasury has a special emergency boar rowing capacity up to $200 billion. we're eggs essentially buying a little bit of time. on march 1st we owe $83 billion. there is whole lot of other things. put it this way. between february 15th and march 15th weho owe, america owes about $450 billion. we'll be taking in 277 billion. that leaves a big gap. >> certainly does. when we have our own credit cards, charles, we can't just say oh, i will extend the credit limit because this month i want to buy a little more than last month. can you explain to us the process that one country can extend its own cr
about shutting down the government revolve around the debt ceiling debate. i do not think it is a debt ceiling debate. the question is simple, do we want more debt or less debt. people like ted cruz and his colleagues say we should have less debt. republicans want less. the democrats want more get the same thing is to continue on the path we are on -- more. the insane thing to do is to continue the path we are on. we endorse responsible behavior. the only thing more irresponsible in shutting the government found it is continuing to suffocate ourselves in debt. we have 86 trillion dollars in unfunded liabilities the we have no idea how to pay. the previous guest said we could raise taxes on rich people. you could confiscate the wealth of every rich american, a new would be 30% short of the promises we have made. you cannot tax your way out of this. you need fundamental reform. we need to be serious about this. the pain of a temporary shutdown will pale in comparison to continue on the path we are on. host: what to make the fiscal cliff deal? guest: there was no good outcome. we oppose t
these crises. this is coming up again in february when it's going to be time to raise the nation's debt ceiling, and there's no clear path in during that at this point. it will happen in march when they have to extend government funding, and will the government shut down if they don't? these budget battles will continue to find congress, and there's really no way out, so if we -- if congress can't resolve a lot of these issues, you probably bet that that approval rating will be and will go even lower if that's possible. >> it is possible. the numbers, as we're looking at it just a moment ago, manu and meredith, hit in the 10% range not too long ago. the question is will they go single digit? on abc this week senator joe manchin had some things to say about getting things done in both chambers. listen to this, and i'll get your reaction. >> okay. >> i've yet to have a bipartisan meeting that's been organized where republicans and democrats in the senate sit down and work through their problems. think about just in the senate we don't have that type of dialogue going on from democrats and republi
the debt ceiling. it also removes the debate on section four of the 14th amendment. we will focus on all of this this sunday morning. it was a call. numbers at the bottom of your screen. we also want you to join us online on twitter and facebook or send us an e-mail. we will get your calls and comments in just a moment. our question, whether or not they residents can -- president can't bypass congress to raise the debt ceiling. she is preparing for his inaugural address. the president will seek a citizenship pass in a push as the debate over immigration continues here in washington and around the country. another headline getting a lot of attention is that the vice president continues his recommendations on how to deal with gun violence. tuesday he will give the president has outlined. p--- his outline. ,et's go to the hill newspaper which has one of a number of stories on this sunday morning related to the debt limit. senate democrats telling the president he may need to raise the debt limit on his own. a letter sent to the president on friday advising the white house to be prepared to
's talking about the fiscal cliff. rightfully so. >> you mean the debt ceiling? >> yeah, fiscal cliffs i would call it. because i think there will be an interesting debate that we haven't really embedded in the market yet. >> we fixed the fiscal cliff. we're done. we're all good. >> i think we're going to be hearing more about this cliff in the second round. we've already heard it -- >> it abyss? the debt ceiling or abyss? our -- >> both. >> our long-term problems or the debt ceiling? both? >> both. absolutely both. you know, it's maybe early -- >> everybody's got the leave off the zeros, it's compelling. making $22,000. we're spending 38, adding $16,000 to our credit card every year. >> and you owe -- >> we already owe $150 -- $162,000. that does -- that hits home. can you imagine a household trying to operate like that? >> people write back that the analogy is flawed because the household, as a household you're earning currency -- it shows how much we've overspent. >> we cut -- and we raised $38 or something. >> it's too small, right? at $600 billion over ten years, it's not even a dro
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to raise the debt ceiling. it's going to cost us more money. 're going to go into debt more , andhat's going to cause a ripple effect internationally in globally. decrease our debt rating, maybe double-a-2 and a. neil: side of the keys as will blink. the last downgrade the world went merrily on. what will it take? >> that such a good point. not only go merrily on, but the dollar actually got stronger after the downgrade because it created a lot of uncertainty. you know what, there's a point at which everything changes. alof a sudden people realized, these guys really cannot get their act together. neil: a handle on your head. >> i know that. sometimes it takes that. you know, my guess is you're going to get a downgrade. i don't see how these guys get together. neil: my guess is it has no effect. >> i bet you a nickel it does have an effect. the dollar, this one doesn't have an effect, the next one, and i think this countryeeds a crisis. i think the crisis will be the dollar becomes trash and inflation heads up in a dramatic way. and that will get everyone's attention. we are not goin
of government. and today we learned that the united states government may reach the debt ceiling earlier than expected, possibly as soon as february 15th. speaker boehner even floated the idea of having monthly debt ceiling increases in a recent "wall street journal" article. as think progress points out, maybe he got the idea from grover norquist. >> they can give him debt ceiling increases once a month. they can have him on a short leash, on a small here is your allowance, come back next month if you have behaved. >> wait, you're proposing that the debt ceiling be increased monthly month? >> monthly if he is good. weekly if he is not. >> if he is a good guy. let's bring in bob shrum, professor of public policy at nyu and contributor for daily beast. howard fineman with us tonight, nbc news political analyst and editorial director of the "huffington post" media group. gentlemen, great to have you with us. we want to talk to you on a number of different subjects with both of you tonight. but first, let's start with the debt ceiling. howard, don't republicans know this is a big potential loser
deal. now we are preparing for the debt ceiling. do you expect the same contentiousness and loggerheads? >> i think it will be contentious. it should be. we continue to borrow and spend. we don't cut. we are headed down the road to financial destruction, as everybody knows. we do need to pay our debts, but we don't need to keep incurring that debt. that's the argument we should make. we have to come to financial sanity and we are not there yet. i believe at theep of the day, if the president will get involved -- if he will get involved, we could do some good things, but we have to cut spending, we have some type of a grand bargain? i don't know. but we are in better shape than we were on the tax stuff. >> you said you would like to see the president get involved. let's listen to your boss talk about that? >> the single biggest threat to america's future and that's our excessive spending. i would like for the president to lead. it is a shame that we have to drag him to the table. >> and also, the president recently remarked that he does not want to get into a fight over the debt ceiling.
and the democrats are fighting over the debt ceiling. liberals say, debt ceiling is a fiction, it's not even real, it may be the law, but it's antiquated, out of date. that's where we are now on the second amendment, where you hear people like andrew cuomo in his state of the state speech in new york last night. >> megyn: can i interrupt you on that, nothing you were going to go there, we cued up this sound and chris is going to make his point about this sound. listen to the governor of new york and we have bill clinton here, too, as well who you mentioned in power play. listen to them. >> i say to you forget the extremists, it's simple, no one hunts with an assault rifle. no one needs ten bullets to kill a deer. and too many innocent people have died already. end the madness now. i grew up in-- culture, but this is nuts. why does anybody need a 30-clip, a 30-round clip for a gun. why does anybody need one of those things that carries a hundred bullets. >> megyn: some bill clinton's was a little garbled, but why does anybody need one of those things that carries a hundred bullets. the guy in colo
there in washington, d.c. talking about the debt ceiling. and just earlier we were -- had the opportunity on "the daily rundown" to talk -- or kmuz me. david gregory had the chance over the weekend to speak with mitch mcconnell about shutting down the government. i just want to play for everyone exactly what he had to say. >> would you rule out a government shutdown to achieve your goals? >> what i think we ought to do is to encourage the president to actually be president. address the single biggest -- >> i understand that. my question is would you rule out a government shutdown? >> i know what your question is. what i'm telling you is i haven't given up on the president stepping up to the plate. >> mitch mcconnell seeming a little defiant of that question there. obviously we've lived through this before knowing they're willing to push us to the brink of shutdown and put the country at great peril in terms of our credit ratings and such. when you think about this fight coming up, what's your take on how it's going to play out? >> well, i agree with mitch. with senator mcconnell that i think it's
the constitution allows him to raise the debt ceiling on his own, again, congress be damned. add it up, i'm telling you, barack obama is doubling down. and here's the kicker. with plenty of compliant democrats in congress to help. but those democrats might regret what they're aiding and abetting, because they're the ones who'll be fumbling and fuming. when nancy pelosi pushes the 14th amendment to give the power to bypass congress, she is giving him the power to bypass her too. you don't need a trillion dollar magic coin to realize this is nothing less than a high stakes power grab. now, it's not unusual for presidents of either party to try. it is very unusual for so many in both parts to lay down and let him do it. all right, here to hash it out, constitutional expert ilya shapiro and sabrina schafer as well as "the wall street journal"'s steve moore. steve, a disturbing series of events, to put it mildly. >> no question about it, neil. and, look, we have a three-branch system of government in washington. the president is the chief of the executive branch, that means the president doesn't make th
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